to establish a remedial power so that the Commissioner of Taxation can make a disallowable legislative instrument to modify the operation of a taxation law in certain circumstances;

Income Tax Assessment Act 1997

to enable primary producers to access income tax averaging 10 income years or more after they opted out; and

A New Tax System (Luxury Car Tax) Act 1999

to provide an exemption from luxury car tax to certain public institutions that import or acquire luxury cars for the sole purpose of public display. Also makes technical amendments to 10 Acts and repeals 45 excise Acts and the

to reduce the corporate tax rate for small businesses with an aggregated turnover of less than $10 million to 27.5 per cent for the 2016-17 financial year and progressively extend that lower rate to all corporate tax entities by the 2023-24 financial year; and further reduce the corporate tax rate in stages so that by the 2026 27 financial year, the corporate tax rate for all entities will be 25 per cent;

Income Tax Assessment Act 1997

to increase the small business income tax offset to 16 per cent of an eligible individual’s basic income tax liability that relates to their total net small business income from the 2026-27 financial year; and enable small businesses with an aggregated turnover of less than $10 million to access most small business tax concessions, and small businesses with an aggregated turnover of less than $5 million to access the small business income tax offset; and